科技为翼，以"数字引擎"促转型。"科技重新定义期货服务"，一德期货加大投入推动全流程数字化，自 主研发的"大宗商品智能分析系统"获中国人民银行金融科技发展奖三等奖，"有交割库""期货日历"等小 程序矩阵用户数近10万人次。 普惠为任，以金融"活水"惠民生。"期货要服务群众美好生活"，一德期货开展投教进校园、进社区，利 用"保险+期货"助农户避险，并在帮扶地区做产业培育与金融培训，让期货工具惠及更多群体。 吕拥华认为，当前期货行业正在进入一个"分化与重构"的新阶段，未来将呈现更加清晰的层次化发展格 局。这种格局变化主要体现在四个方面。 "《关于加强监管防范风险促进期货市场高质量发展的意见》（下称《意见》）的发布，不仅给期货行 业吃了一颗'定心丸'，还为行业发展注入了'强心剂'。"一德期货总经理吕拥华在接受期货日报记者采访 时表示，《意见》为期货市场高质量发展绘制了清晰的路线图，标志着行业从"规模扩张"向"质效齐 升"战略转型。 吕拥华表示，《意见》实施以来，期货市场正在经历一场"静水深流"的深刻变革，主要涉及三个维度： 一是监管生态的重构，"长牙带刺"的严监管为合规机构营造了良好的发展环境；二是服务生态的重构， ...

服务国家战略，担当时代使命 本次修订坚持协调统一，优化了加分体系。将市场竞争力指标调整为3大类9项，有利于全面评价期货公 司各项业务开展情况、整体盈利水平和资本实力。完善服务实体经济能力指标，将征求意见稿中"中长 期资金客户"表述调整为"机构客户"，同时进一步扩充了机构客户类别，使指标更具包容性。调整了专 项评价，将专项评价整合和优化为服务国家战略、党建与文化建设、信息技术建设3项指标。 透过这些加分项，可以清晰地洞察监管导向。期货公司要不断强化自身综合能力建设，充分彰显专业价 值；同时，积极服务国家战略，切实发挥功能性作用；此外，还需主动承担社会责任，积极投身行业文 化建设，为期货行业的健康、可持续发展贡献力量。 9月12日，中国证监会公布对《期货公司分类监管规定》进行修订后形成的《期货公司分类评价规定》 （下称《规定》）。这是期货行业监管领域的一件大事，引发了行业内外的广泛关注与深入思考。《规 定》勾勒出了一幅"怎样的期货公司才是好公司"的清晰蓝图，是期货行业发展的"指挥棒"和"风向标"。 此次修订是贯彻落实党的二十届三中全会、中央金融工作会议和《关于加强监管防范风险促进期货市场 高质量发展的意见》要求的 ...

Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at curbing unhealthy competition in the futures brokerage business, promoting a shift from price wars to service upgrades, and ensuring high-quality development in the industry [2][6]. Industry Issues - The futures brokerage business is facing severe issues of market saturation and homogeneous competition, leading to practices such as "zero commission" and maliciously undermining competitors, which disrupt market order and negatively impact the industry's reputation [3][4]. - Such practices not only harm the development of individual futures companies but also restrict the industry's ability to effectively serve the real economy [3]. Regulatory Framework - The draft regulation defines unfair competition behaviors and establishes clear standards for identifying and addressing such actions, providing a solid basis for subsequent enforcement [4]. - It outlines a comprehensive process for managing commission fees, ensuring transparency and consistency in fee structures, and protecting customer rights [4][5]. - Eight categories of prohibited behaviors are specified, including misleading advertising and engaging in predatory pricing below service costs, aimed at maintaining market integrity and fairness [5]. Promotion of Healthy Competition - The implementation of the regulation is expected to break the cycle of unhealthy competition, encouraging futures companies to focus on enhancing customer service rather than solely competing on price [6]. - This shift will allow companies to invest more in improving trading systems, research teams, and customer service, ultimately raising the overall service quality in the industry [6]. Investor Protection - The regulation aims to enhance investor protection through standardized commission fees, improved feedback mechanisms, and clear prohibitions against misleading practices, fostering a more transparent trading environment [7]. - By reducing the risks associated with information asymmetry, investors will be better equipped to make informed decisions, thus safeguarding their rights [7]. Sustainable Development - The regulation is positioned as a crucial step towards breaking the cycle of price wars, reducing internal competition, and fostering a healthy market ecosystem that supports sustainable development in the futures industry [7]. - It encourages futures companies to focus on core competencies, including technological innovation and talent development, thereby enhancing their ability to serve the real economy effectively [7].

8月1日，中国期货业协会发布《期货公司经纪业务不正当竞争行为管理规则(征求意见稿)》(下称《规 则》)，直面行业同质化竞争加剧、内卷突出的典型问题，拟出台一系列措施维护公平有序的市场环 境，防止"内卷式"竞争，保障交易者合法权益。 受访人士普遍认为，《规则》将加快期货行业从"粗放式竞争"向"高质量发展"、从"价格战"向"价值创 造"转型。 行业"内卷式"竞争问题突出 期货经纪业务是期货公司的基础性业务，经纪收入约占行业总体收入的50%。但长期以来，期货公司经 纪业务面临市场严重饱和、竞争同质化白热化的局面。 中粮期货总经理吴浩军对上海证券报记者表示，当前期货行业存在较为严重的手续费恶性竞争问题。部 分公司在开发产业客户、零售客户和金融客户时，会给予低手续费甚至"零手续费"，以及高比例返还本 应促进期货发展的各项收益给客户。 吴浩军认为："部分期货公司以超低费率开发龙头产业、新品种产业，甚至是传统农业、有色及化工产 业客户，使得实体企业失去甄别能力，过度聚焦费率。结果就是，真正有能力、实力和经验的期货公司 无法走进和贴近产业，无法为客户提供高质量的研发和技术服务，导致客户在行情大幅波动时暴露在巨 大风险中，加剧 ...

Core Viewpoint - The China Futures Industry Association has released a draft regulation aimed at addressing the issue of "involution" in the futures brokerage business, promoting a transition from "extensive competition" to "high-quality development" and from "price wars" to "value creation" [1][2] Group 1: Industry Competition Issues - The brokerage business accounts for approximately 50% of the total revenue in the futures industry, but it faces severe saturation and intense homogenized competition [2] - There is a significant issue of malicious competition regarding fees, with some companies offering low or even zero fees to attract clients, which undermines the ability of capable firms to provide quality services [2][4] - The current competition has led to a situation where the industry risks being trapped in a low-price vortex, weakening investments in IT, personalized services, and talent [2][4] Group 2: Regulatory Framework - The draft regulation outlines eight prohibited behaviors in brokerage activities, including charging fees below the exchange's published standards and using deceptive advertising [3][4] - The regulation emphasizes four principles: problem-oriented, market-oriented, public fairness, and standardized management to ensure compliance and protect traders' rights [3][4] Group 3: Expected Industry Impact - The introduction of the regulation is expected to enhance the overall competitiveness of the futures market by reducing internal competition and reallocating resources more effectively [4][5] - The regulation aims to establish a transparent governance framework and create a fair competitive environment for compliant firms, potentially leading to a shift in focus towards core capabilities and comprehensive derivative services [5]

Core Viewpoint - The introduction of the new rules aims to regulate commission management and clarify prohibited behaviors in the futures brokerage industry, marking a significant step towards high-quality development and addressing the ongoing "price war" [1][2]. Group 1: Regulation and Compliance - The new rules specifically address the issue of homogeneous competition in the futures brokerage business, where some companies have resorted to "zero commission" and "high rebates," leading to a continuous decline in commission rates and severely eroded profit margins [2][3]. - The rules establish requirements for commission management, covering aspects such as system construction, scientific pricing, information disclosure, strict compliance, and commission follow-up [2][3]. - The new regulations prohibit seven types of unfair competition behaviors, including charging commissions below cost and misleading advertising, filling a regulatory gap and aiming to eliminate gray areas of competition [3][4]. Group 2: Industry Transformation - The new rules are expected to accelerate the transition of the futures industry from "extensive competition" to "high-quality development," shifting the focus from price wars to service wars [4][5]. - Companies relying on low-price strategies may face customer loss and revenue decline, prompting a restructuring of their profit models towards a comprehensive model of "base commission + value-added service fees" [4][5]. - The rules are anticipated to fundamentally improve the industry ecosystem, encouraging companies to focus on core capabilities and enhance their positioning as comprehensive derivative service providers [4][5]. Group 3: Future Outlook - The new regulations will promote innovation in the business models of futures companies, fostering a healthy segmentation between institutional, high-net-worth, and ordinary clients [5]. - The shift in regulatory focus towards "quality first" is expected to guide futures companies to invest resources in research, risk control, and technology, leading to differentiated competition [5].